Natural gas futures forged ahead on Monday, building on the modest momentum gathered late last week after supportive government inventory data and price jumps in Europe. Following a 2.7-cent gain on Friday, the October Nymex gas futures contract settled at $2.639/MMBtu, up two-tenths of a cent to start the new week. November rose 2.7 cents to $2.906.

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NGI’s Spot Gas National Avg. gained 17.5 cents to $2.170.

U.S. prices followed a rally in Europe, where the benchmark November Title Transfer Facility contract rose 7% on Monday as traders mulled ongoing global supply risks amid the war in Ukraine and declining domestic production on the continent.

Analysts cautioned that, in the Lower 48, waning weather demand could cut short any rallies this fall. Forecasts as of Monday...